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Title: Other receivables represents the amount ________. Post by: buttsuni on Feb 22, 2018 Other receivables represents the amount ________.
A) customers owe for goods or services previously delivered B) collected in advance of performing the services C) lent to others D) borrowed from others (Q. 2) The check written to establish the petty cash fund is recorded in the journal by crediting Cash and debiting Petty Cash. a. True b. False Indicate whether the statement is true or false (Q. 3) Team Shirts sold 125 worth of T-shirts to a customer on credit. This transaction includes ________. A) an account receivable B) an account payable C) a prepaid sale D) T-shirt expense (Q. 4) Merchandise is sold for cash. The selling price of the merchandise is 6,000 and the sale is subject to a 7 state sales tax. The journal entry to record the sale would include a credit to a. cash for 6,000 b. sales for 6,240 c. sales tax payable for 420 d. sales for 5,580 (Q. 5) Lumbers, Inc. lends 3,000 at 12 to an employee on September 1, 2012. The employee agrees to pay the interest and principal in two years. Which of the following will be reported on Lumbers' year ended December 31, 2012 financial statements? A) The balance sheet will report Interest receivable of 120. B) The income statement will report Interest revenue of 0. C) The statement of cash flows will report Cash received for interest of 120. D) The income statement will report Interest income of 360. (Q. 6) The International Accounting Standards Board (IASB) is responsible for setting the International Financial Reporting Standards (IFRS). Indicate whether the statement is true or false Title: Other receivables represents the amount ________. Post by: jessikagirl on Feb 22, 2018 Title: Other receivables represents the amount ________. Post by: buttsuni on Feb 22, 2018 God bless you! Helped my grade so much.
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